Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 63-84

1963-1 C.B. 107

Sec. 472

IRS Headnote

Price indexes for January 1963, published by the Bureau of Labor Statistics on March 7, 1963, for use by department stores employing the retail inventory and last-in, first-out inventory methods.

Full Text

Rev. Rul. 63-84

The following price indexes for January 1963, published by the Bureau of Labor Statistics on March 7, 1963, for use by department stores employing the retail inventory and last-in, first-out inventory methods, are accepted by the Internal Revenue Service pursuant to section 1.472-1(k) of the Income Tax Regulations and Mimeograph 6244, C.B. 1948-1, 21, for appropriate application to inventories for taxable years of 12 months ended December 31, 1962, and January 31, 1963.

Indexes are given on a national basis for store total, for 20 major groups of departments, and for two special group combinations-soft and durable goods. The store total index includes all departments, including some not listed separately, with the following exceptions: candy, foods, liquor, tobacco, paints, and wallpaper, as well as contract departments.

            BUREAU OF LABOR STATISTICS, DEPARTMENT STORE

            INVENTORY PRICE INDEXES, BY DEPARTMENT GROUPS

                      (January 1941 = 100)

                                                          Percent

                                                          Change /*/

                                                          from Jan.

       Department                      Jan.     Jan.      1962 to

         Group                         1963     1962      July 1963

1. Piece Goods_______________________ 204.8    204.7         /1/

2. Domestics and Draperies___________ 201.9    199.4         1.3

3. Women's and Children's Shoes______ 271.7    269.4         0.9

4. Men's and Boys' Shoes_____________ 260.5    257.5         1.2

5. Infants' Wear_____________________ 178.7    177.2         0.8

6. Women's Underwear_________________ 180.2    178.9         0.7

7. Women's and Girls' Hosiery________ 157.0    156.8         0.1

8. Women's and Girl's Accessories____ 199.9    193.2         3.5

9. Women's Outerwear and Girls' Wear_ 188.1    183.4         2.6

10. Men's Clothing____________________ 229.6    227.8         0.8

11. Men's Furnishings_________________ 199.2    198.6         0.3

12. Boys' Clothing and Furnishings____ 212.9    211.0         0.9

13. Jewelry___________________________ 185.1    180.4         2.6

14. Notions___________________________ 177.9    170.0         4.6

15. Toilet Articles and Drugs_________ 203.1    200.5         1.3

16. Furniture and Bedding_____________ 232.3    229.8         1.1

17. Floor Covering____________________ 195.2    193.4         0.9

18. Housewares _______________________ 236.4    228.0         3.7

19. Major Appliances__________________ 130.9    131.7        -0.6

20. Radios and Television Sets________ 122.9    126.5        -2.8

    Groups 1-15: Soft Goods___________ 204.5    201.4         1.5

    Groups 16-20: Durable Goods_______ 199.8    197.1         1.4

    Store Total_______________________ 203.6    200.6         1.5

/1/ Increased less than 0.05 percent.

/*/ Absence of a minus sign before percent change in this column signifies price increases.